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Retirement fund lump sum benefits and severance benefits

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Retirement fund lump sum benefits and severance benefits

The lump sum tax benefits (including severance benefits) due to the termination of employment as a result of reaching the retirement age, sickness, accident, injury, incapacity, redundancy or termination of the employer’s trade has been amended.

15 Jul 2024 1 min read Employment Law Alert Article

The lump sum tax benefits (including severance benefits) due to the termination of employment as a result of reaching the retirement age, sickness, accident, injury, incapacity, redundancy or termination of the employer’s trade has been amended as follows:

13663_Table - 15 July

As part of the tax calculation on a specific lump sum benefit (retirement or severance), any amounts received, and tax paid from October 2007 in respect of retirement benefits or March 2009 in respect severance benefits will be taken into consideration. For further information and advice please contact us.

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